Agmt97 Public Employees Retirement System

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Section 6 .3 shall be irrevocable, provided, however, that if a Participant ' s deferred commencement date is later than December 31, 1996, the Participant may, at least 30 days prior to such date, elect a later deferred commencement date as permitted under section 457 (b) (9) (B) of the Code; any Participant who has made such a second election of a deferred commencement date may not thereafter revoke or modify that election. 6 .4 Default Distribution Option: For purposes of this Article 6, the "Default Distribution Option" shall be substantially.,nonincreasing annual installments over ten (10) years or, if less, the number of years obtained by dividing the Participant ' s Account balance at the benefit commencement date by $3 , 500 and by rounding the quotient to the nearest whole number. 6 . 5 Cash-outs and Combined Payments: The Board reserves the right to adopt guidelines, which shall be uniformly applied to all Plan Participants and Beneficiaries, under which Account balances below a specified level may be distributed in a lump sum upon Separation from Service or at a deferred commencement date and installment payments below a specified amount may be combined and paid at less frequent intervals (but ' not less frequently than annually) - In addition, the Board reserves the right, subject to the limitations of section 457 (b) (9) (A) of the Code, to establish uniform guidelines under which a Participant ' s Account balances may be distributed in a lump sum either before or after the Participant ' s Separation from Service, and either with or without the Participant 's consent, provided that (i) the Participant ' s Account balance does not exceed $3, 500, (ii) no Deferral has been credited to the Participant ' s Account in the preceding twenty-four (24) months, and (iii) no prior payment has been made to the Participant under Section 6 . 1 or this Section 6 . 5 . l